The Phenomenon of $PI Prices Always Skyrocketing, Starting from $0.7 to $47: Real or Fake?

Bittime - Pi Network once again surprised its followers with a surge in the price of its native PI token. In contrast to the previous drop of $0.5 on major chart platforms, PI coin is now trading near the IOU price of $47.

However, before users cheer for joy, it is worth remembering that the open mainnet has not yet launched and is targeted for around June 2024. 

Recently, Pi Network announced it had completed the KYC process for 10 million of its 15 million users, a necessary step before the open mainnet launch.

IOU PI Price Movement Shows Signs of Recovery

In the midst of a sluggish crypto market, $PI, which is traded as an IOU on exchanges, is showing some signs of recovery.

This can be seen from the strengthening of the token on April 18, possibly driven by positive sentiment from the Bitcoin halving.

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$PI Price Jumps 14%

PI coin price surged over 14% reaching a daily high near $49 on April 22.

This increase is likely a reaction to the token price correction on CoinMarketCap. However, the increase did not last long and the price of the Pi Network token fell again later.

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$PI Price: A Speculation Phenomenon With No Real Value

It is worth setting the record straight that there is actually no such thing as a PI coin at this time. Pi Network tokens that users mine during the testnet have no intrinsic value and cannot be officially traded.

Source: Coinchapter 

Before the mainnet launch, the trading activity that occurred on exchanges like HTX and BitMart was actually just an exchange of IOUs (promissory notes) between users, not a real token exchange.

This phenomenon is similar to traders exchanging securities, where the value is determined solely by speculation and agreement between parties.

$PI Price Push Speculation

The current PI coin market is driven entirely by speculation, with no real underlying fundamental value or utility.

This was compounded by the recent plunge in the value of Pi Network token IOUs, which showed a decline of more than 98% on CoinMarketCap.

High Investor Pressure to Sell $PI Tokens

There are indications of high selling pressure on the $PI token, seen from the number of users offering their tokens on various social media platforms.

Attention to Pi Network Fraud in Vietnam

Unfortunately, the widespread buying and selling of Pi Network tokens in Vietnam is being exploited by irresponsible individuals to carry out fraudulent activities.

The methods of this fraud vary, from misleading sales techniques to fake investment schemes, which take advantage of the public's high enthusiasm for the value of Pi.

Quoted from Coinchapter, users who have a lot of Pi coins, because there is no place to trade them, often become easy prey for fraudsters.

Scammers promise to buy Pi coins at a high price, but after getting the coins, they disappear without a trace.

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